US manufacturing activity contracted for the fourth consecutive month in February

The US Institute for Supply Management survey showed that the US manufacturing purchasing managers' index rose to 47.7 points in February, compared to 47.4 points in January. Analysts had expected the industrial sector, which represents 11.3% of the US economy, to rise to 48.0 points in February. The new orders index rose to 47.0 points in February, compared to 42.5 points in January, and the supplier delivery measure rose to 45.2 points in February, the highest level since March 2009.

The employment measure declined to 49.1 points in February, compared to 50.6 points in January, while the measure of prices paid by manufacturers rose to 51.3 points in February, compared to 44.5 points in January, surpassing the fifty-point level for the first time in five months.